Wednesday, February 15, 2012

China 2012 oil demand may rise 5%

China’s apparent oil demand may rise 5% to 493 million tonnes this year, the country’s biggest energy producer said.

Apparent oil demand reached 470 million tons in 2011, China National Petroleum said in its annual report on the oil and gas industry.

China’s apparent oil-product demand may rise 6.4% to 278 million tonnes in 2012, according to state-owned CNPC. Petrol consumption may increase 7.5%, while diesel and kerosene use may gain 6% and 5.1%, respectively, the parent of PetroChina said in the report.

The country will finish building the second phase of its emergency oil storage this year, CNPC said. The second phase consists of eight storage sites, according to the Beijing-based company.

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